Within the hospitality industry, we are frequently introduced to new, wide-spread economic trends. First, it was the “Mobile Era,” then we got to know the “Age of the Consumer” and the “Experience Economy,” and now, the term on everyone’s mind? The “Expectation Economy.” As we open our doors and usher in the savvy and informed travelers of today, we are met with a long list of heightened expectations that apply to each and every guest touchpoint. Within this modern economy, expectations are high, and so are the stakes for hoteliers. Guests are more informed, demanding, and less patient than ever before.
So, what does the expectation economy mean for hoteliers? How will it impact the market in 2020? Moreover, how can hoteliers remain ahead of ever-accelerating demands of guests? Read on to find out.
The Catalyst to Evolving Expectations
The
world is continuously innovating, and the hospitality industry is no exception.
Around the globe, hotels are strategically partnering with technology vendors
to streamline operations and enhance the guest experience, while travelers are
growing increasingly accustomed to the conveniences provided by modern
technology. Social media, especially, has evolved in its influence over the
entirety of the guest journey, fundamentally changing how prospective travelers
find inspiration for upcoming trips, engage with travel brands, and share their
experience with their network. Almost everywhere you go, you’re likely to
witness someone capturing a moment or experience with the intention of sharing
it almost immediately (to their Instagram story, directly to their feed, or
perhaps in a tweet). Word of mouth now travels the world in a flash; everything
has the potential to ‘go viral,’ and exceptional experiences can be rewarded
immediately with public feedback broadcast from guests.
In an article titled “What We Expect
in the Expectation Economy,” author Laura Shear explained,
“Remember when a cup of coffee was just…a cup of coffee? When getting our
morning caffeine buzz wasn’t
an elaborate exercise in personal expression? Back before Starbucks turned us
into a nation of extra-hot-no-foam-skinny-vanilla-latte drinkers? Today, coffee
arrives with our name on it, flatteringly crafted to our exact specifications.
Regular coffee now seems as quaint as answering machines.” And perhaps, there
is no better illustration of this expectation economy at work. When we
experience exemplary customer service from one brand or see someone else
receive that service via an online medium, we come to expect it from all
brands. Suddenly, the bar has been raised, as has the barrier for entry for new
brands hoping to gain consumer loyalty.
Think about the last time you ordered an Uber, and had to wait over 5 minutes
for your car to arrive. Did you feel aggravated? Disappointed? What about the
last time you checked in a hotel, and they didn’t address you by name or,
perhaps, didn’t have all of your reservation details correct? Our response to
service that is perceivably antiquated or sub-par is a direct reflection of the
expectation economy; connectivity and experience are paramount to inspiring our
satisfaction and loyalty. We simply expect more from brands, regardless of how
many data sets and service overhauls that may require.
Give Guests What They Want
What
does this mean for your hotel brand, you might wonder? Well, a few things.
Guests expect the highest tier of quality from hotels, and while each
individual guest may define ‘quality’ differently, this will ultimately always
tie back to the provision of exceptional service across the board. Do you take
the time to get to know your guests on a personal level, and do you have the
tools in place to support your staff in that process? What does personalization
mean to your hotel brand? Is it merely knowing a guests’ name, or do you take
it a step further? Are your promotions and upgrade opportunities informed by
data? Is your staff able to move around the property freely, empowered by
mobile operational platforms, while seamlessly communicating across departments
and interacting with guests? Are you ready to address guest requests, and
resolve complaints, quickly? Do you engage with guests, both current and
prospective, both online and offline, throughout their entire journey? Do you
closely monitor and pro-actively manage the conversations surrounding your
property online? These are the questions that should be guiding your service
approach to ensure you are operating efficiently and offering guests the
experience they expect.
It’s
also important to recognize that your hotel brand will receive more attention
than it ever has before via social mediums. While this is (potentially) great
from a marketing perspective, it can also be detrimental if that exposure is
mishandled. With great power comes great responsibility, after all. In this
respect, I encourage hoteliers to recognize that consumers, regardless of industry,
look to align with brands with whose story they can relate. They are embracing
brands that solve problems for everyone and those which take a stand on social
issues. Perhaps more than anything, they want to feel connected to those brands
they advocate for and align with, and hotels are no exception. So, ask
yourself, what differentiates your hotel from others in the area? What is your
brand story? Do you offer sustainable practices? Do you provide access to local
experiences? Not only should guests feel compelled to experience your property
on an emotional level, but that experience should be meaningful, relevant, and
extremely memorable.
Ultimately, information and social feedback are more accessible than ever
before. Guests today have unparalleled access, often via virtual forums, to the
hotels they frequent. They expect innovative ideas, unique experiences, and
personalized interactions across every aspect of their journey. They see and
experience your hotel through the lens of their own ecosystem (online and
offline) that is substantiated by their lives, their unique needs and
preferences, and their social network. It is the responsibility of hoteliers to
leverage technology and data in a way that allows them to pull back the curtain
on those ecosystems, and meet guest expectations head-on.
About Alan Young
Alan E. Young is the Co-Founder and President of Puzzle Partner, the leading agency specializing in hospitality and travel technology marketing. Previously, Alan has held executive-level positions with start-up companies such as Newtrade Technologies, (acquired by Expedia), Hotel Booking Solutions (acquired by IBS Software) and TrustYou. Alan is past Chair of The Board of Directors of The OpenTravel Alliance and been very involved with other industry associations most notably AHLA, HEDNA, and HTNG. With over two decades of experience in the travel and hospitality technology world, Alan specializes in helping innovative companies achieve winning performance and dramatic growth. You can connect with Alan on LinkedIn.
About Puzzle Partner
Puzzle Partner Ltd. is a boutique marketing agency focused exclusively on complex B2B initiatives for the travel and hospitality technology industry. We are experts at combining strategy and tactical execution in a way that doesn’t just maximize a company’s potential; it redefines it. By delivering influential content, marketing services, and public relations rooted in the skills of our team and tested through real-world experience, we help our clients gain visibility, raise their profile and ultimately increase their sales revenues. We incorporate a holistic blend of paid, earned and owned media, along with creative services, into an integrated communications strategy to drive brand awareness ahead of competitors and deliver impactful business results.
To learn more visit puzzlepartner.co.